Money on the markets
A maturing market amid the mayhem
The BSE Realty Index pared early losses and closed 5.6 percent higher in a volatile Tuesday session.
Government data showed infrastructure sector output grew 7.0 percent in October from a year earlier, faster than an upwardly revised annual growth of 2.7 percent in September.
Orbit Corp, Indiabulls Real Estate and DLF were among the top gainers in the realty index, rising 13.9 percent, 8.4 percent and 7 percent respectively.
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Shares of real estate developers came under pressure on Thursday following the arrest of top public sector bankers the previous evening on corruption charges.
The CBI on Wednesday arrested five officials from state-run listed companies, including the chief executive of LIC Housing Finance, for taking bribes to facilitate large corporate loans.
The banking index ended 2.9 percent lower on reports pointing to a probe into loans issued by some financial institutions, adding to investor nervousness.
After market hours, the CBI arrested eight top officials from banks and financial firms on charges of taking bribes to grant corporate loans.
Shares in Reliance Industries, which have the heaviest weight in the benchmark index, closed 1.7 percent lower on Tuesday. The BSE Oil & Gas Index closed 1.69 percent lower.
Indian markets struggled as as military tensions in Korea, a local corruption scandal and Ireland’s financials troubles spooked investors.
Shares in microlender SKS Microfinance rose 5.75 percent to close at 714.45 rupees on Monday.
Shares took a beating on Thursday and fell 20 percent after the lender said the new regulations could squeeze profit and revenue. However, SKS on Friday said its balance sheet was healthy.
The BSE Metals index gained 1.9 percent on Thursday, with stocks like Hindalco and JSW Steel posting top gains.
Hindalco shares closed 4.8 percent higher at 222.35 rupees, JSW Steel gained 3.5 percent. Jindal Steel and Power ended down 1.8 percent as the top sectoral loser.
Shares in Reliance Capital fell on the first day of trade after the company declared on Saturday consolidated net profit had declined 28 pct to 1.12 billion rupees.
The stock had hit a 52-week high of Rs 929.25 on January 19, 2010 and a 52-week low of Rs 611.30 on 21 May 2010.
It was a tough day for those who invest in real estate stocks as the BSE Realty index fell 4.76 percent on Friday, in a Mumbai market that fell more than 400 points.
Sobha Developers was worst hit in the sector, ending down 6 percent. Unitech shares fell 5.9 percent, while DLF slipped 5.46 percent.